Saravanan Jaichandaran, Co-Founder and Chief Data Scientist, bitsCrunch, writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
Each day in the NFT space presents something groundbreaking for the world to digest, and this year also witnessed a whirlwind of activity. AI in NFT is a rapidly growing trend, where AI algorithms are used to create unique digital artworks that are tokenized as NFTs. Imagine NFTs that generate personalized experiences with your preferences which can evolve! This pushes the boundaries of artistic expression and creative possibilities.
Also, 2023 saw a shift towards NFT development with real-world utility, just beyond speculations. These tokens represent a wide spectrum of digital and real-world assets. The real estate sector, in particular with NFTs, promises concrete proof of property ownership. Real estate platforms are also jumping onto the NFT sector, introducing fractionalized properties that streamline transactions and broaden access to real estate investments.
The meteoric rise of NFTs has brought in a lot of innovation but also ignited concerns about their environmental footprint. This issue has ignited discussions around transitioning to a more eco-friendly blockchain like POS and other energy consensus mechanisms.
Success stories from 2023: 2023 has been a year of significant accomplishments and growth for bitsCrunch. We embarked on a crucial decentralization journey, which is the foundation for all our future endeavors.
The data query layer is the key component of the network that allows users to access the information they require more securely and efficiently from the network. With a robust architecture that integrates advanced algorithms and data structures, it allows our network to handle large volumes of queries without compromising security or performance.
On top of it, we are so excited to launch our native utility and governance token, by bitsCrunch (BCUT). 3.85 million have been raised in just 24 minutes at the Community Sale on CoinList, Dec 14, 2023. $BCUT token is designed exclusively to facilitate seamless network operations. It functions through a blend of cryptographic techniques and economic incentives, aimed at fostering adoption and upholding network security within the bitsCrunch ecosystem.
Additionally, by analyzing a vast number of NFTs, we successfully identified the IP violations of two important brands, McDonald’s and Tiffany & Co., exploiting the original works of authorship. In this rapidly dynamic NFT market, it is important to understand the value of an NFT before making a purchase. Its value depends on its rarity, uniqueness, and the future value it may hold.
Analyzing all these bitsCrunch gives a price estimation to make a better decision for investors to buy. Recently, after prolonged efforts, we were able to scale our AI model to provide price estimation for more than 125M+ NFTs. We are sure enough to produce reliable price estimates for the NFTs. These are all the significant milestones for bitsCrunch this year.
Learnings and realizations from 2023: Initially, while starting my career in this field, I was puzzled to find out why these images sell for such absurdly high rates when they could be easily downloaded online.
Later on, after diving deep and understanding the unique capabilities of NFTs, I realized that NFTs are a real game changer! They redefine the way we pursue ownership over assets, digital or physical, with significant applications. It is transforming the future of commerce and changing the way brands, creators, consumers, and investors interact with each other.
2023 highlights and takeaways: Being a Co-Founder and Chief- Data Scientist at bitsCrunch, the experience has been remarkable. Being wholly responsible for DataScience and AI, I, along with my team, have translated our needs and ideas into actionable features, aiming to create a safer and more reliable platform for users to make informed decisions about their NFT investments.
Community is the heart of our organization. Collaborating closely with cross-functional teams, I realized that good people management is crucial for retention, engagement, and positive collaboration.
Also, I gained comprehensive knowledge about the financial instruments, market trends, and risk assessments that are mandatory to make strategic financial decisions. Overall, this collective knowledge has empowered me to foster a productive environment as a whole.
Looking at 2024: After our successful Testnet phase, the bitsCrunch team is eagerly looking forward to the Mainnet launch, which is expected to happen in or around mid-January, 2024. BCUT tokens purchased from the community sale will be distributed to investors during the mainnet launch.
In the world of asset tokenization, blockchain is used to create tokens for financial and real-world assets. RWAs have seen an increase in adoption in recent times, representing a huge opportunity for the blockchain industry. According to recent research by BCG, the tokenization of real-world assets (RWA) is set to become a $16 trillion industry by the end of the decade.
This astonishing prediction presents a substantial leap from the modest US$310 billion seen in the year 2022. This can transform asset ownership, making it accessible to a wide range of people and making it a catalyst for mainstream crypto adoption.
Some advice: As more industries explore the potential of Web3, the demand for skills is on the rise opening up a wealth of opportunities. The world moves at a lightning-fast pace with new innovations emerging everyday. Hence, it is always important to stay ahead by keeping up with the latest trends and technologies. Identify the potential problems and clearly understand their underlying reasons.
This paves the way to solving them by taking immediate action. This intrinsic motivation propels you towards innovation. Emphasizing the urgency to address the challenges that could have the ability to reshape the landscape! In the realm of entrepreneurship, it’s always “now or never”.
My Mantra for 2024: Learn – Unlearn – Relearn.
I believe that Continuous learning and embracing adaptability are paramount in this rapidly evolving world. The learning process is infinite, and hence, staying open to new ideas with a growth mindset helps in achieving long-term success.
My personal favorites from 2023
A book I liked in 2023: The Alchemist by Paulo Coelho. This is one of the timeless stories that elevated the way I viewed life as a whole. I highly recommend this book for its recurring theme of pursuing your dreams by following what your heart desires, no matter how difficult the journey becomes.
A show/movie that I liked in 2023: John Wick 4. It is one of my most favourite movies, because of the relentless action and the cinematic experience it offers. The series starts as a revenge story for his dog’s death but turns into an epic journey of well-choreographed action sequences with a compelling narrative, which I believe is the reason for so many fans of this franchise.
My 2023 hobby-career connection: Hobbies help you take a break from your regular routines and carve out time to declutter your mind. But it is not necessary that all hobbies help you grow in your career. Some hobbies can also be just about having fun. I love to spend my leisure time with my pawsome friend.
